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Old Today, 05:56 PM
 
Location: In the middle between the sun and moon
409 posts, read 282,349 times
Reputation: 1359

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Quote:
Originally Posted by wheelsup View Post
It's good when people spend their money. It keeps the economy's wheels greased.
Thank you for this, it's a very important point that many people don't seem to really understand, the relation between individual spending and the economy.

I'm a minimalist and spend very little outside of necessities, as I just don't personally value most of what money buys, after a certain comfort point. Yet if everyone was like me, the vibrant neighborhood where I'm living right now would have no restaurants, coffee shops, salons, boutique gift shops, bookstores, clothing shops, and the neighborhood would be much less enjoyable to walk around (my favorite way to spend free time). I am very happy that others like to spend money at those shops, empty storefronts would not have the same ambience. And I do pay for the ambience...my property taxes rise with the desirability of the area.

I always think of this when I hear someone gloating because they shop at thrift stores and get good stuff for cheap...so rarely is there gratitude for the person who paid retail in the first place. Judging people who spend "frivolously" is absurd from anyone who reaps any benefits from a capitalist social structure...if you're gonna have selling, you gotta have buying. If you're going to buy used, you need those who buy new. If you want shops, there must be customers. Anyone who owns stock should be down on their knees with gratitude for end users, the ones who open up their wallets for whatever is being sold. The spenders make the economy what it is.

Any belief system that encourages people to save and sacrifice and yet prioritizes capital growth ("but the economy!!") above all else is the definition of cognitive dissonance.
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Old Today, 05:57 PM
 
1,728 posts, read 694,789 times
Reputation: 1545
Quote:
Originally Posted by RationalExpectations View Post
https://nypost.com/2019/10/23/millen...feel-strapped/

Jenny Castillo chronicles her life as a HENRY: High Earning, Not Rich Yet millenial here on her blog Jenny the Henry: https://jennythehenry.com/index.php/...es-henry-lows/

Yes, so-called Adulting can be expensive, Jenny, if you make stupid choices. Welcome to being a grown-up.

One thing to remember is that $100k today is roughly equivalent to $50k in 1990. I remember six figure salaries in the 90s being a big deal. Today? Not so much.
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Old Today, 05:59 PM
 
1,728 posts, read 694,789 times
Reputation: 1545
Quote:
Originally Posted by wheelsup View Post
Social media is junk. If that is your benchmark for media you need to up it. Seriously. I mean technically People and OK! magazines are media too, is that where you look to for accurate information? No? Ok then...

You're conflating two different things. Media includes social media, radio, cinema, publications, etc. What you seem to be talking about when you say things like "accurate information" is referred to as "news".
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Old Today, 06:01 PM
 
2,921 posts, read 1,898,707 times
Reputation: 6503
Quote:
Originally Posted by Aredhel View Post
And that is because you are NOT rich. You're merely a well-paid working stiff. Only ignorant people (and I do NOT include you in that number, just to be clear!) equate annual income and wealth. Truly wealthy people do not need to work, as they can live entirely off of the gains from their investments.

As you said, keep up what you are doing now, and one day you may well become wealthy. But it's frustrating when you are focusing on living within your means while you are surrounded by a culture that keeps telling you that you REALLY ought to be spending more now instead of planning for the future because "everyone else is doing it!"



Instagram and Facebook have turned the dial up to 11, but the trend really started with the rise of broadcast TV in the 1950s. Prior to the rise of broadcast media, people trying to "keep up with the Jones" were generally comparing themselves to the family down the street, who lived in a slightly nicer house and rented a cabin at the state park instead of tent camping on their annual vacation. Now everyone can compare themselves to the Kardashians (and the many, many people trying to pretend on social media that they are the Kardashians). People's idea of what a family earning the same income as their own ought to be able to spend on luxuries has become grossly exaggerated; no wonder they feel they they're not doing well even though they have plenty to eat, a roof over their heads, and some money in the bank for emergencies.
Yes of course income isn’t wealth, but it’s a long slog converting that income to wealth.

Right now, we put around $1,500 a month into our 401k between our contribution and 7 and 6 percent company matches.

Each month our debt ticks lower with about $400 going to mortgage principle and 200 towards student loan principle. Our house has been increasing in value as well.

It will get there, but in a decade+. Probably more. It will be a long ass time before I’d feel comfortable just going on vacations or blowing money. I micromanage all of our money. We still travel but smaller trips. Large trips we set up sinking funds for.
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Old Today, 06:03 PM
 
27,035 posts, read 33,941,343 times
Reputation: 34390
Quote:
Originally Posted by Oldgorilla View Post
Junk? Benchmark? Accurate information? You can't just define an industry as you wish. No one said anything about benchmarking anything or accurate information. You might want to read the actual thread that you are participating in. We're talking about media. It has nothing to do with "accurate information". Social media is just one type of media. If you want to use it as a benchmark of accuracy, that's on you. But it has nothing to do with how social media are playing a large part in the media industry.
Exactly right.
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Old Today, 06:10 PM
 
12,514 posts, read 22,146,026 times
Reputation: 12499
Quote:
Originally Posted by Oldgorilla View Post
Junk? Benchmark? Accurate information? You can't just define an industry as you wish. No one said anything about benchmarking anything or accurate information. You might want to read the actual thread that you are participating in. We're talking about media. It has nothing to do with "accurate information". Social media is just one type of media. If you want to use it as a benchmark of accuracy, that's on you. But it has nothing to do with how social media are playing a large part in the media industry.
They are online versions of tabloid magazines. I've never heard anyone refer to tabloids as any sort of credible source of media, they are read purely for their entertainment value.
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Old Today, 06:11 PM
 
12,514 posts, read 22,146,026 times
Reputation: 12499
Quote:
Originally Posted by Thatsright19 View Post
Yes of course income isn’t wealth, but it’s a long slog converting that income to wealth.

Right now, we put around $1,500 a month into our 401k between our contribution and 7 and 6 percent company matches.

Each month our debt ticks lower with about $400 going to mortgage principle and 200 towards student loan principle. Our house has been increasing in value as well.

It will get there, but in a decade+. Probably more. It will be a long ass time before I’d feel comfortable just going on vacations or blowing money. I micromanage all of our money. We still travel but smaller trips. Large trips we set up sinking funds for.
If you are making 150k and that is all you are saving, yes you should be saving quite a bit more. Maybe time for a budget dive, and bring a pencil sharpener. That is, of course, if you are actually wanting to make a change.

If not, there is nothing wrong with your current trajectory.
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Old Today, 06:13 PM
 
12,514 posts, read 22,146,026 times
Reputation: 12499
Quote:
Originally Posted by TexasLawyer2000 View Post
You're conflating two different things. Media includes social media, radio, cinema, publications, etc. What you seem to be talking about when you say things like "accurate information" is referred to as "news".
Yeah sure. I've just never really seen anyone think that tabloids are worthy of using as a basis for benchmarking your life. I mean, I'd love to take private jets everywhere I go but I realize in my small brain that isn't a realistic benchmark to set for normal lifestyles.
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Old Today, 06:16 PM
 
764 posts, read 196,452 times
Reputation: 2010
What does 'living paycheck to paycheck' mean for folks here?

I take it to mean folks don't have the rule of thumb 6 months savings of 'normal' expenditures in liquid savings. Then a family of 4 can take a hit and get by without maxing out the f'in credit cards.

Do the math, then set aside some money to save (not in IRA or 401k) to get to that amount. Sure, it may take some time to get there, but then you aren't living paycheck to paycheck.

This 'adulting' is WAY overstated.
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Old Today, 06:16 PM
 
195 posts, read 33,414 times
Reputation: 115
Quote:
Originally Posted by wheelsup View Post
They are online versions of tabloid magazines. I've never heard anyone refer to tabloids as any sort of credible source of media, they are read purely for their entertainment value.
You're the first person in this thread to bring up tabloids being a credible source of media. I'm not sure where you're going with this.... But tabloids are media... just like social media. You can keep denying it all you want, but that doesn't change the industry.
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